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STORY: WTO / WORLD TRADE GROWTH
TRT: 1:44
SOURCE: WTO
RESTRICTIONS: NONE
LANGUAGE: ENGLISH /NATS
DATELINE: 27 SEPTEMBER 2016, GENEVA, SWITZERLAND
1.Wide shot, exterior, Mont Blanc Bridge, in Geneva, with WTO flags
2.Wide shot, exterior, Mont Blanc Bridge, in Geneva, with WTO flags
3 Med shot, exterior, WTO flag at Mont Blanc Bridge
4.Wide shot, exterior, WTO building with banner announcing the WTO Public Forum 2016
5.Wide shot, banner announcing the WTO Public Forum 2016
6.Wide shot, Conference room opening session
7.SOUNDBITE (English) Roberto Azevêdo, Director-General, World Trade Organization (WTO):
"This morning, we announced new figures, showing a dramatic slowdown in trade growth around the world and with growth this year set to be the lowest since the crisis in 2008. So this is a wake-up call."
8. Wide shot, attendants at the forum
9. SOUNDBITE (English) Roberto Azevêdo, Director-General, World Trade Organization (WTO):
"I am absolutely convinced that this is not a moment to turn inward. It is a moment to learn from history and to recommit to openness in trade while also making the benefits available to all."
10. Med shot, attendants at the forum
11. Pan left, panelists
12. Close up, cameras
13. SOUNDBITE (English) Liam Fox, International Trade Secretary, United Kingdom:
"The UK is a full and founding member of the WTO. We have our own schedules that we currently share with the rest of the EU. These set out our national commitments in the international trading system. The UK will continue to uphold these commitments when we leave the European Union. There will be no legal vacuum."
14. Wide shot, attendants
15. Med shot, DG Azevêdo speaking
16. Wide shot, panel
The World Trade Organization (WTO) said global trade will grow more slowly this year, expanding by just 1.7 percent, well below the April forecast of 2.8 percent.
With expected global GDP growth of 2.2% in 2016, this year would mark the slowest pace of trade and output growth since the financial crisis of 2009.
The forecast for 2017 has also been revised, with trade now expected to grow between 1.8% and 3.1%, down from 3.6% previously.
Speaking today (27 Sep) at the WTO Public Forum in Geneva, WTO Director-General Roberto Azevêdo said "this morning, we announced new figures, showing a dramatic slowdown in trade growth around the world and with growth this year set to be the lowest since the crisis in 2008. So this is a wake-up call."
He added "I am absolutely convinced that this is not a moment to turn inward. It is a moment to learn from history and to recommit to openness in trade while also making the benefits available to all."
The contraction was driven by slowing GDP and trade growth in developing economies such as China and Brazil but also in North America, which had the strongest import growth of any region in 2014-15 but has decelerated since then.
In reference to the United Kingdom’s exit of the European Union –or Brexit- and its impact on trade, Britain's secretary for international trade Liam Fox, told the forum that at the multilateral level, there’s no “greater champion” that the UK in the push towards further trade liberalisation.
Fox said "the UK is a full and founding member of the WTO. We have our own schedules that we currently share with the rest of the EU. These set out our national commitments in the international trading system. The UK will continue to uphold these commitments when we leave the European Union. There will be no legal vacuum."
One of the key focuses of the WTO Public Forum is how trade can become more inclusive for Small and Medium Enterprises. The WTO Public Forum continues until 29 September. Over 2000 participants registered for the event, a record number on its 15th anniversary.
